Blog Post

Randall Mays Stepping Down As President, CFO Clear Channel

A year after the $24 billion leveraged buyout of *Clear Channel Communications* by Bain Capital and THL Partners, a member of the family that founded and once controlled the broadcast giant is stepping away from daily operations. Randall Mays will give up the dual roles of president and CFO next month, moving to vice chairman and an emphasis on strategic advice, according to a memo obtained by DealBook. His brother Mark remains as CEO and will add back “president” — a title he held before his brother. Randall will stay as CFO until a successor is found. It’s been a tough few years for Clear Channel; (NYSE: CCMO) the buyout turned into a tortured two-year process with changing partners and a post-deal restructuring, while radio and outdoor advertising have been hit hard in the ad downturn. Revenues were down 21 percent in Q2.